Updates, advisories and surprises

(4:29 PM ET) SAN FRANCISCO (MarketWatch) -- Paychex Inc. reported a 4% gain in net income for its fourth fiscal quarter on Wednesday afternoon, in line with Wall Street's estimates, though revenue for the period came in below analysts' forecasts. For the period ended May 31, Paychex
PAYX, +0.37%
reported net income of $123.3 million, or 34 cents a share, compared to net income of $118.9 million, or 33 cents a share, for the same period last year. Total revenue grew 6% to $551.5 million. Analysts were expecting earnings of 34 cents a share on revenue of $557.7 million, according to consensus forecasts from Thomson Reuters.

H&R Block posts 4% lower profit

(2:33 PM ET) SAN FRANCISCO (MarketWatch) -- H&R Block Inc.
HRB, -0.15%
reported fourth-quarter earnings after the close Tuesday. The tax preparation provider's profit fell 4% to $586.1 million, or $1.99 a share, from $658.6 million, or $2.14 a share a year ago. Revenue for the three months ended April 30, the busiest season for the nation's largest tax prepartion service, slipped to $2 billion from $2.05 billion a year ago. Analysts surveyed by FactSet research predicted the Kansas City, MO-based company would earn $2.05 a share on $2 billion in revenue. H&R Block shares closed Tuesday at $15.09 and rose to $15.26 in after-hours trade. Ahead of the report, the stock was down over 4% in the past 12 months.

O'Reilly warning hammers auto-retailer shares

(10:03 AM ET) SAN FRANCISCO (MarketWatch) -- A warning from O'Reilly Automotive on its business for the second quarter triggered a sell off in shares of auto parts retailers Wednesday morning. O'Reilly tumbled 18% to $79.16, making the stock the top S&P 500
SPX, -0.23%
decliner. AutoZone
AZO, +0.85%
dropped 4% to $360.43. Advanced Auto Parts
AAP, +0.97%
fell 4% to $63.12, while Genuine Parts
GPC, +0.38%
lost 5% to $57.03. Late Tuesday, O'Reilly cut its comparable store sales growth forecast to 2% to 2.5%, down from 3% to 5%. The company also said earnings will fall short of its target of $1.13 to $1.17 a share. "We saw improved comparable store sales results for the month of May; however, comparable store sales in June were below our expectations," O'Reilly CEO Greg Henlsee said in a statement. O'Reilly reports second-quarter earnings July 25. Its shares are still up 22% over the last 12 months, outpacing the 3.5% gain for the S&P 500.

General Mills sales up 12% with Yoplait addition

(7:18 AM ET) NEW YORK (MarketWatch) -- General Mills Inc.
GIS, -0.09%
said Wednesday its fourth-quarter profit increased by 1.6% to $325.4 million, or 49 cents a share, from $320.2 million, or 48 cents a share, in the year-ago period. Excluding one-time items, adjusted profit in the latest quarter totaled 60 cents a share, up from adjusted earnings of 52 cents a share a year ago. The food maker's sales climbed 12% to $4.1 billion with the addition of its Yoplait yogurt acquisition. Wall Street analysts expected General Mills to earn 59 cents a share on sales of $4.1 billion, according to a survey by FactSet Research. Looking ahead, General Mills expects adjusted fiscal 2013 earnings of about $2.65 a share, compared to the Wall Street forecast of $2.76 a share.

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